[2015-05-29] Bitstamp launches pre-paid Bitcoin debit card for European customer

[tyz]

The London-based Bitcoin exchange Bitstamp launched a new pre-paid debit card program. The initiative allows Bitstamp’s clients to get US dollars, Euros or British pounds denominated debit cards, which can be either virtual or physical and loaded with Bitcoin.

http://99bitcoins.com/bitstamp-prepaid-bitcoin-debit-card-european-customers/

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[bryant.coleman]

I hope that other exchanges (esp. BTC-e) soon follows suit. I don't use Bitstamp, as I have concerns for my privacy. Anyway... it is too early to say anything, as it is not clear how much will be the actual maintanence / transaction charges, and what will be the exact procedure for obtaining these pre-paid Bitcoin debit cards.

[pawel7777]

Is there any info on full fee structure? I'm particularly interested whether there is any monthly 'maintenance' fee.
Not much about that on their website:
https://www.bitstamp.net/article/bitstamp-new-usd-eur-gbp-denominated-debit-card/

only mentioned transfer fee.

[bryant.coleman]

^^^ The charges seems to be very much reasonable (that is, if there are no hidden fees). Still, I am having doubts regarding the dormancy charges. I believe that we will have to pay $5 per month, if we are not using the card regularly. But how they will measure the "regular usage". Is one transaction a month enough to avoid the dormancy charges?

[311]

I hope that other exchanges (esp. BTC-e) soon follows suit. I don't use Bitstamp, as I have concerns for my privacy. Anyway... it is too early to say anything, as it is not clear how much will be the actual maintanence / transaction charges, and what will be the exact procedure for obtaining these pre-paid Bitcoin debit cards.

Btc-e is good if you want privacy, but it is also very likely illegal to use in most countries (especially the Uk and US) because of that as it doesn't comply with AML or KYC laws and for that reason I wouldn't even risk using a debit card there as it just another paper trail and could lead to you getting arrested for money laundering or tax evasion or trading without a license or something.

[pawel7777]

Is there any info on full fee structure? I'm particularly interested whether there is any monthly 'maintenance' fee.

Please note that the initial load amount is 50.00 USD. A 10.00 USD fee is applied.
As a result you receive a 40.00 USD credit on your card.

Debit card fee schedule
Transaction type   Fee
Fee for loading up to $1000.00   $10.00
Fee for loading more than $1000.00   2%
Purchase Fee (in-store/online)   $0.35
Purchase with Cashback   $3.45
Credits for Refund   $0.35
PIN Retrieval   $0.75
Cash Withdrawal   $3.45
Cash Withdrawal Decline   $0.55
Account Monthly   $1.95
Replacement Card Fees (lost or stolen)   $15.00
Dormancy   $5.00
ATM Balance Inquiry   $1.00

That's what it says under Account > Debit Card

Thanks.

Fees seem reasonable. I'm personally looking for card with no dormant or maintenance fees, to serve me as a backup/emergency card. I'd be happy to accept higher issuance fee or tx fees. But don't think anyone offers that at the moment.

[bryant.coleman]

Is one transaction a month enough to avoid the dormancy charges?

Yes, it is. If you make one transaction you pay $1.95

Hmmm... that makes their debit card pretty attractive, compared to any of their competitors. But why limit the issue only to Europe? What about North America, Australia, Hong Kong, Singapore.etc? Bitstamp is having quite a large number of users in these regions. I just hope that they will soon make the debit card available worldwide.

[warningsigns]

Is one transaction a month enough to avoid the dormancy charges?

Yes, it is. If you make one transaction you pay $1.95

Hmmm... that makes their debit card pretty attractive, compared to any of their competitors. But why limit the issue only to Europe? What about North America, Australia, Hong Kong, Singapore.etc? Bitstamp is having quite a large number of users in these regions. I just hope that they will soon make the debit card available worldwide.

Why should North America be supported when U.S. banks do not allow the rest of the world to apply for American card products. You always see the telltale "SSN required. Applicants must be U.S. residents only" on all card sites, prepaid or otherwise.

The rest of the world, yes. I have an account with DBS in Singapore and other Asian banks, despite non-residency. Product access privileges should be reciprocal. Why should Americans be given free and open access to the rest of the world's banking facilities when they restrict theirs to American residents only. Retaliation is sweet. I wholeheartedly support this "product not available to U.S. residents" line.

[bryant.coleman]

Why should North America be supported when U.S. banks do not allow the rest of the world to apply for American card products. You always see the telltale "SSN required. Applicants must be U.S. residents only" on all card sites, prepaid or otherwise.

Yeah... I agree. North America is a quite troublesome region. But that still doesn't answers my question why they are not issuing these pre-paid Bitcoin debit cards to users from Asia and Oceania. May be it is due to the fact that Bitstamp is based in Europe, and they want to restrict their operations mostly to European customers.